Working for yourself is everybody’s dream, especially in an industry where you are able to show your passion and natural ability. The effort, confidence and dedication it takes to turn this from a dream into reality is what will separate the successful from the unsuccessful.
With the increase in digitally focused work principles, online shopping and internet dependent services, the market for businesses run from home is increasing at an astonishing rate. To get you started on the right path here are some key points to look out for and and be aware of as you start your journey into small business.
Before legally registering your business, be sure you are set on a few things. What’s your company name? Iis it going to describe what you do, who you are, or is it just going to be something fun and catchy? Also consider that with the ability for it to be successful and grow it might become a limited company at some point, therefore it’s a good idea to make sure that there isn’t another business with the same name already registered. You need to understand what sort of company you are running too. Are you going to be a sole trader? A business partnership? Or a limited company? The difference between these will change how you comply with tax regulations and the proper procedures if unfortunate circumstances lead to the closure of the business.
It’s also important to consider how you will handle your finances, such as where you will open a bank business bank account and whether you will consider hiring an accountant. Not only does the accountant save many hours of time researching how to do and then physically doing your taxes, but a good accountant will save you the money that you’ve spent on them through any suitable tax relief that you are qualified for.
Make a plan for the financial aspect of the business for the first 18 months. Do you have enough savings to begin without a loan? How much money do you need to survive for the first year? And how long will it be before the business starts to turn a profit? Calculations such as these will help you budget better and ensure that you don’t make rash financial decisions further along the line.
Ensure optimum research into your customers and how you intend to make money from them. Market research is your friend to ensure you do not waste money on the wrong products for the wrong audience. What are your business needs? Will you have to invest heavily in machinery? Stock products? Branded items? Office space? Employees? Business insurance?
From your own logo to the photos you use to promote your services, the amount of photos to choose from online is immense and they are simple to find. What isn’t easy to know is whether you can use it, how you can use it, who to credit, how to credit, if the man and his dog in the photo need to be contacted. It’s a long and often silly tick list, that can cause fines and large digital and financial penalties if mishandled. Use this guide on image copyright advice from an organic marketing company to ensure you don’t get caught out.
Maintaining the drive and passion you need to build a successful business is probably the most crucial element in starting a business. Just like many things in life the initial idea and the beginning of every task is fun, though the day today monotony can drag and a business can suffer from this lack of energy. Make sure you keep reminding yourself of its purpose, why you are running this business, how you’re benefiting yourself and others. If you know that you’re someone that is easily demotivated, research working styles and approaches, find a mentor who you can work with and someone that will be able to help you through the tough times.
Never forget there is plenty of advice online, in books and from people who have been through exactly what you will be going through, but for the changes to be possible it all comes down to you.